South Asia's Economic Turmoil

In country after country in South Asia, we are seeing worrying signs of economic turmoil and political upheaval. Earlier this year, Pakistani Prime Minister Imran Khan lost a bruising no-confidence vote, resulting in his abrupt ouster. But now the new coalition government that took over from Khan is struggling under the weight of a rising debt burden. 

Sri Lanka has experienced a full-blown crisis, resulting in Asia’s first default in decades and the collapse of the Rajapaksa government. 

While India’s economic prospects remain relatively positive, there too there are concerns about how widely the gains of recent economic growth are being shared.

To discuss South Asia’s economic outlook, journalist Benjamin Parkin joins Milan on the show this week. Ben is the South Asia correspondent for the Financial Times based in New Delhi and has previously worked with Bloomberg and the Wall Street Journal.

The two discuss the external headwinds, domestic policy missteps, and continued uncertainty plaguing South Asian economies from Afghanistan to Bangladesh. They also discuss how China is using the present moment to press its advantage and how the West is responding. Plus, the two talk about India’s economic trajectory and the sharply divided views on its recovery.

 

1. “Pakistan After Imran Khan,” (with Aqil Shah) Grand Tamasha, May 4, 2022.  
2. “Inside Sri Lanka’s Meltdown,” (with Ahilan Kadirgamar) Grand Tamasha, May 18, 2022.
3. Benjamin Parkin and Farhan Bokhari, “Man of the People or Agent of Chaos? Imran Khan Divides Pakistan,” Financial Times, September 5, 2022.
4. Benjamin Parkin, “Sri Lanka Raises Taxes in Effort to Secure IMF Bailout,” Financial Times, August 30, 2022.
5. Benjamin Parkin and John Reed, “Bangladesh is ‘Being Killed by Economic Conditions Elsewhere in the World,’” Financial Times, August 24, 2022.